Elliot's Impulse waves.(Part-5)
IMPULSE WAVES :- The Basics Waves that move the market in the direction of its main trend either up or down are called Impulse waves. 1....
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5010-5039 supply zone proved a ST resistance. 5002 proved a break down point. 4945 to 4982 proved a corrective rise, monitored with an ...
66 comments:
Intra day addition of 2600000 O.I. in NF.at 12.11 PM.
we seem to be heading for 5220 - short around those levels
remember 18th may
u can buy nifty eod for 5220 in a day / 2
@ manu
yeh in india algorithm trading issue is pending with sebi.
sebi some 5-6 months back tinkered with issue, but in india it needs compliances fron exchanges also.
arbitrageurs specially vl feel hurt with the issue, since system vl b 20 times faster than human speed to spot and execute the trade.
so issue is going on...
vl update if i got any information.
Dear Gautam Bajaj,
As per TA predictions,I shall be keen to watch if NS shall start to trade above 5200-10 in coming days,then the upper targets shall be important.
ilango sir what u think of nifty future for remaining hrs, plz give us some feed back for tata steel and bajaj hind
GB - Nifty at ? 18.05.2010
Will this Begger (your sucker) rally cross 5300 by then?
The write up for the day was good in the blog. Unable to post comment-error message.
Hi Mynac,Manu & Sri
Hi,Dear Rajagopal.
nifty seems to attempting 20 hma 5082, a rally may be possible today or tommorrow upto that, than picture can change.
someone asked earlier what is level for shorts to unwind, it seems it is 5195-5210 spot.
than only bulls are in for a joy ride.
@ RG
Hi..
@Sri..
thnx a lot..wht u hav explained matters
a lot..nw i m n hunt of d job i m here 2 perform:)
@ amrendra,
As long as Nifty trades (& closes) above 5110, there is a possibility of higher levels in the coming days.
Even a close above 5075 will keep the "short term bulls" hopes alive for higher levels.
Nifty most likely to attempt 5190-5200 during this week..That area would be the "most watched one".
respected RG sir,
sir if you remember i shorted and carried wipro short on friday...but today it i couldnot booked loss .....and now it is looking very scary....dont know what to do now .....mind is not working seeeenng this loss.
pl. advise if i could avrage
regards
vikram
resisted at 5140..
@RG,
hi, you are lucky to have nice friends.. are we going to dance again now for europe tune?
great..5140 taken :)
“sitting tight” – always tough not only with positions…but without “positions” i.e, “trades” too , especially when you see 100 + points rally :)
5175-80... nifty can face profit taking and correct... dont short it, buy the sharp pullback.. tgt 5300+
assortZ : Dance is on it seems.
===
Vikram : Which month futures? I am also short in HCL as per TA.
I will wait for Trend Reversal to be signalled before averaging. One more trick (will be hammered for this) is to book a long in next month, take it to S&R level, exit long (covers loss upto this point on short) and average on down trend. I average at 5% diff min. All the Best. I am afraid only if something can damage my life. Not for a short going wrong.
It seem this rally has big tummy to swallow most of the stop losses of “shorts”
hey GB, the DATING boy
do u mean, this upmove rally will start correcting on 18 th may to a lower target around 5000 but not below 4980 since our belief is that bottom is made around 7th may
or
do u think correction starts 18 th may wud breach our 7 th may bottom of 4980 for much lower targets
or
do u mean to say we can start moving upwards again on/around 18 th may after whatever little downside we see till 18 th may
GAUTAM
what is ur preferred probablities of the above
and then what wud be the violation level for the probability u choose
thanks
regards
rochak
watch sensex 17275 ..very very crucial
Thanks & Bye Everyone.
Shall try to join in latter half.
rg sir,
i wish i cud do all this so confidently.
will mark these words
took a short at 5135 today exited at 5150
will wait for master signal or will take next trade if i understand
something clearly
Ilango Sir,
SL 5160 NS for shorts. This is for positional shorts?
Thank you
@Vikram,
I've lost more money with averaging down than by any other trading error.
Terrifying as it is, just hold until you see a trend reversal or cut the position.
@sir
BN-3%? wht td do?
Sir
Good morning to everybody.
For the first time, I was right about wipro on Fri and you were wrong. But I still did not win because I instantly sold wipro as soon as I saw that you had indicated lower level for today. I am not complaining. I have made more profits because of you than myselff.
assort7,
I felt so bad on friday night because of long posn and dow going down and down.
Also on friday evening I sold all my puts. But today nifty is now running up madly. Why is market always so happy when the govt/imf spends money to solve money problems ?
I sold my posn at 5125. I am only holding Bank nifty long posn now. I will hold as long as nifty trades above 5125. I feel nifty will even go to 5180. Bank Nifty has still not reached 9600 resstance. I will sell bank nifty at 9560-9600 and then also short nifty.
RG
aapki baat mere uupar se nikal gai ....at this moment do you want me to take a lot of next month???
regards
Vikram - note Yoda's words with care. Majority matured traders advise this.
===
For me - 1. I will go Long in next month-holding my short.
2. Book profit at higher level (long is hedging loss from this point).
3. Take the next short after exiting the Long in next month.
Risk is, the next downward correction could hit Banking since IT and Metals have donated blood this time.
@yoda
when i was reading previous posts i read one of ur posts
where u traded using only sar. the no of trade at times is large in this case.
have u been able to use any other indicator with it
u use it more profitably?
Retracement of fall from 5294 to 4985
61.6% - 5176
50% - 5139
RG
aapki baat mere uupar se nikal gai ....at this moment do you want me to take a lot of next month???
regards
Anil,
Should we not consider 5400-4985 ? or should only look at recent higher high value i.e, 5294..pls enlight
@ Rajagopal,
You mean we should short BN at higher level...?
What level you feel comfortable to short BN for conservative trade?
-aprit
europe 3.55% already up,
so next ?
down
rg happy?
rochak trend still down in daily and up in hrly
watch for a day or two and enter may 18 i expect a reversal
@RG,
your explanation to vikram – what I understd is that after the step.3, you will hold two short positions in hand..correct?..me too hedge with next month..sometimes it looks scary and I need to fine tune the trades hence the doubt to you..
short at 5220
sorry...i dont know how this above message got posted ...even after my answer from 1st tme ...anyway RG and Yoda ji thanx for your views
regards
vikram
Hi Mr. Illango,
It's too late to ask, but shall I take my TATAMOTORS shorts home???
Sirisha,
HYD
5178.9 was the high... 5175-80 is a fibo resistance zone.. profit taking can occur.. buy the sell off tgt 5300+
@assortz
i am taking this corrective upmove for 4th upto 61.8% (5176)
since 3rd down in hourly is from(5294-4985)
5176 is a already good resistance zone already,
so if its not a five down move then only an upmove above 5200 can negate it!
i am refering hourly chart.
arpit - No. I don't know BN - I have not spoken about Short in BN.
@piyush sharda
For 6 months to almost a year I experimented with different indicators. They all exaggerate in real-time and they're misleading. Best to pick one and stick with it using volume breakouts and trend to keep it real.
SAR was the most promising but, during a long correction like this, the whiplashes will wear off your capital as sure as plain losing. Combined with ADX it is more balanced.
I've been quite taken with Ikimoku for a few months now but interpreting it is complex. Also, the more uncommon a system is, the less useful it becomes.
If your capital is large, and you're patient (not a day-trader on a hair-trigger:), you can use any commonly-used indicator with great success on day charts. (Levels, MACD will do - almost a waste of time to look further.:)
@ ilango
entered short @ 5275
sl 5200
is it ok..
Tomorrow seems again a gap up opening as dow futures
are up nearly 250+++ points.
GB we may see ur 5220 levels tomorrow.
Illango sir,Gb can u sugest sl for long
as I am at my break even of foolish long trade taken
last week.
@ ilango
entered short @ 5175
SL 5200
sorry keyboard skills r worst here.
GB - S. Thanks. Target 5500 in tact?
===
assortZ : Yes. I will have shorts in two months after booking profit in one Long. Not a technically sound concept. But one for desparados who don't live by the book. Please don't try if you are a tense person.
1 corection Dow futures up 346 points
thanks yoda
u seem to have acquired lot of knowledeg since those posts.
need to learn abt adx and ichimoku first
will save this post for future reference too
thanks once again
RG - possible..first 5220 / 5320 and 5500
Musti = ur SL 5100
I sold all my bnf. now short in bnf with 9620 Sport price SL fior Bank nifty Spot.
As sir is not taking any short posn, i will also remain neutral. bought a 5100 put for safety.
@KGovind,
My broker says, Bank nifty target is 9885. I am long from 9350 sl 9250
Better check with Sir
ilango sir plz give us view on tata steel and bajaj hind
@piyush sharda
Anytime.:)
It's not hard to get fascinated by systems and theories, unfortunately.
It's much harder to acquire basic trading habits/disciplines like money management (stops, when to enter, exit, %of portfolio, calculating risk:reward), goal-setting, psychological toughness which is what the turtle traders focused on, the key to their success.
90% of trader questions are related to these issues, even here, yet we don't know where to start. I'm struggling with it myself.
I always remember how Ilango used to say,"there's a trader who's traded in only ACC all his life." Now *that's* discipline.:)
rg sir,
only ur 2-30 can now solve the puzzle
GA All.
PS : You too Brutus !!! Monday 2.30 is +ve (!!!)
===
Yoda - Very sane words to PS. Thanks. I am only afraid whether more knowledge will breed more confusion,apprehension till we reach the max knowledge level to become "born free"? Got limited knowledge or Nil knowledge and abundant appetite for risk.
can a RIL 1020 put buy, since it is +100 rs. in 2 days time
4987 pivot played out.
185 points and counting.
Lots of bulls here today than
on Friday.
can a RIL 1020 be bought since RIL is + 100 in less than 2 sessions
NEW POST DONE
@Rajagopal
lol!
More knowledge does breed more confusion, at least until assimilation.
Your appetite for risk seems to be matched by your cheerful disposition, so that's alright.:)
Babu,
Thank you. I shorted bnf at 9607 and reversed at 9621. It was a bad trade as resistance is really at 9630 Spot, not the 9600 Spot.
Above 9640 bnf spot, i will trade long other wise i will simply have no position.
Now only short in nifty at 5177 intra day with stop loss of 5190+
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